|Day's Range||1,295.5 - 1,307.901|
|52 Week Range||1,295.4995 - 1,307.9008|
Investing.com - Prices of the safe-haven gold prices inched down on Tuesday in Asia as China and the U.S. made some progress on their trade negotiations.
Gold markets did very little during the trading session on Monday, as the market continues to drift just below the 50 day EMA. By doing so, it looks as if the markets will continue to be very lackluster.
Based on the early price action and the current price at $1494.00, the direction of the market the rest of the session on Friday is likely to be determined by trader reaction to the uptrending Gann angle at $1493.00.
Based on the early price action, we’re likely to see more of the same sideways price action we’ve seen over the past week. Strong yields and rising demand for risk is likely to weigh on prices, but a weaker dollar could be supportive for dollar-denominated gold.
Investing.com -- Gold prices traded sideways again on Monday, dipping fractionally below $1,500 an ounce but not meaningfully lower, as a definitive resolution of the Brexit stayed stubbornly out of reach of U.K. politicians.
Investing.com – Wall Street opened higher on Monday, as upbeat rhetoric around trade continued to support sentiment in the absence of much hard news.
Another round of global monetary easing has just begun! More than 30 central banks around the world have cut interest rates this year so far. The Fed and the ECB are certainly among them. Should gold investors look forward to these policies playing out? Let’s find out how gold tends to behave during such an extraordinary period!
Investing.com - U.S. futures pointed to a slightly higher opening bell on Monday, as chatter continued over the U.S. and China making a temporary trade deal.
‘Super Saturday’ in the UK House of Commons failed to live up to the billing as the crucial ‘meaningful vote’ on Prime Minister Johnson’s Brexit deal was scuttled by an amendment which delays, rather than defeats, the proposed agreement.
It’s too early to tell if the reaction we are seeing early Monday will hold true throughout the week, or if this is just the calm before the storm. It’s no surprise that the British Pound and Euro are trading lower since they will be the currencies most affected by the Brexit news. The mild price action suggests light position-squaring is taking place. The moves in the Yen, Franc, gold and Treasurys suggests investors aren’t too concerned about the weekend events at this time.
Rate cut hopes and a weak U.S. Dollar are likely to underpin prices. Gold could be pressured, however, if the U.S. and China continue to make progress to completing phase one of the partial trade deal. There’s still too much uncertainty surrounding Brexit to call the news bearish for gold.
On Thursday, UK and EU leaders declared a tentative deal on Brexit. The news sent the Pound higher, and the US Dollar distinctly lower.
Investing.com – Stocks finished the week on a down note on slumps in Boeing and Johnson & Johnson, plus new worries about Chinese economic growth.
Looking at this week’s trading range, buy stops are probably piling up over $1508.00 and sell stops under $1478.00.
The Gold markets have gone back and forth during the week, dancing around just below the $1500 level. That is a decent round figure that will attract a lot of attention so it makes sense that we are sitting right here.
Gold markets have been sideways over the last several days, and this week has essentially been a complete wash. At this point though, the bullish flag is still intact, and the 50 day EMA is still a major influence.
Investing.com - Gold posted a weekly gain but safe-haven investors and those traditionally long the yellow metal largely sat out of Friday’s market, letting prices dip, with few leads to chase, ahead of a weekend parliament vote on the U.K. bid to leave the EU.
Mixed fundamentals and low volume could help hold gold in a trading range on Friday. Putting a cap on gains is optimism over Brexit. Underpinning gold are worries over U.S.-China trade relations and the chance of a Fed rate cut at the end of October.
Investing.com -- Gold prices fell on Friday as belief in yet more monetary policy easing around the world ebbed on the back of comments from various central bankers.
Investing.com – Wall Street opened flat on Friday, as upbeat earnings were offset by concerns about slowing global growth.